How big is S1 Digital?

Around 18 full-time equivalents (financial year 2025).

Review: S1 Digital: digital media agency

Q: What is S1 Digital specialised in?

Campaign concepts & big ideas, Digital & programmatic buying, Media strategy & planning, Search advertising (SEA), SEO & GEO, Advertising.

Q: Who are the clients of S1 Digital?

Among others Duror, Pauwels, Peterman, Poliakov, Gibson’s Gin, MUHKA, Sport Paleis, ABN AMRO Private Bank.

S1 Digital is een performance- & mediabureau uit Antwerpen, actief sinds 2010. Op de loonlijst staan ongeveer 10 voltijdse equivalenten. Het bureau combineert paid media (sea/social/display), seo, data & analytics en crm & marketing automation. De ervaring zit vooral in adverteerders/merken en data-gedreven mediacampagnes.

Onafhankelijke experten
S1 Digital focust zich op aankoop en optimalisatie van digitale media (“biddable solutions”). Ze helpen merken groeien door vanuit data te helpen beslissen welke digitale media ruimte aan te kopen.
Dat doen ze liefst als onafhankelijke expert in digitale media.
Op dit moment werken ze met 12 VTE’s:

5 account managers/business developers
6 digitale media specialisten

Wat ze niet doen: creatie, content, performance marketing (wel in een full funnel strategie), development.
Zelf omschrijven ze hun cultuur met volgende trefwoorden: onafhankelijk, transparant.

Referentieklanten: Duror, Pauwels, Peterman, Poliakov, Gibson’s Gin, MUHKA, Sport Paleis, ABN AMRO Private Bank
Gepercipieerde concurrenten: Semetis
Werken graag complementair samen met: Zigt, Amphion
Ondernemingsnummer: 0824.464.465
Gemiddelde klantgrootte: 30k

Who do they see as competitors?

Semetis

As indicated by the agency itself.

1

How this agency makes money

Revenue, margin and what an hour of work brings in. Everything on the earning side sits together here.

Revenue trendgross margin per financial year

20212022202320242025

Latest year: € 1,72 mln gross margin, growth +55,9% against a sector median of +5%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

S1 DigitalSector median

EBITDA margin 11,2%, sector median 29,6%. Value-added coverage 1,13 (median 1,26). Value-added coverage sits in the sector-wide grey zone (0.95-1.15): context, not an alarm.

Below sector level

Revenue per headGross margin per FTE, against payroll cost

€ 94.798

Median (2024) € 77.641

Against a payroll cost of € 83.857 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 59

Median (2024) € 50

28.886 hours worked, 1.596 per FTE. Against that sits € 53 of payroll cost per hour worked, leaving € 7 for premises, equipment, depreciation and profit.

Above the median

No hourly rate follows from this. Gross margin is already net of services and sundry goods, which mixes rebilled production with the agency's own overhead, and the accounts do not say how many hours were billable. Deriving a rate from this systematically understates it.

2

Can the agency take a hit

Buffer, cash position and payment behaviour side by side, so you can see where they disagree.

Bufferequity in months of payroll

Buffer: 6,3 months (median 5,2 mo). Equity in the latest year: € 798.904.

Adequate buffer

Cash positionAvailable cash, and whether it covers short-term debt

Cash € 590.929. Liquidity ratio 1,21: current assets cover short-term debt in full. Solvency 21,5%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 431 days of supplier credit, sector median 60. The accounts were filed 242 days after closing; the legal deadline is seven months.

Filed late

3

Signals and strengths

Events from the CBE and the Official Gazette over the past 24 months, plus positive markers derived from the figures.

Continuity

No serious signals

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Late filing · 30 Aug 2026 · NBB
The annual accounts were filed after the statutory deadline. Over a third of the sector does this, usually because of the accountant's calendar. Rarely a story in itself.
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Late filing · 30 Aug 2025 · NBB
The annual accounts were filed after the statutory deadline. Over a third of the sector does this, usually because of the accountant's calendar. Rarely a story in itself.

Click a signal for a plain-language explanation. Each signal is a fact from a public source, without the agency's own context. Best to ask them directly.

What this agency does well

Gross margin grew 4 years in a row
Profitable in every one of the last 5 years
Strong buffer: 6,3 months of payroll in equity
Team grew (+90,5% FTE in the latest year)
Healthy working capital (current ratio 1,21)
Equity was earned, not injected (reserves 42,0× the capital contributed)
Comfortable cash position: 142 days of payroll
Turnover below the median (5,5%)

Each point is a fact from the filed annual accounts, measured against the same thresholds and sector medians as the signals above.

4

All the figures

Reference material, not a starting point. Expand it if you want to read the series yourself.

5 financial years, 2021 to 2025Result, staff and balance sheet

	2021	2022	2023	2024	2025
Result
Gross margin	€ 611.144	€ 774.161+26,7%	€ 908.967+17,4%	€ 1,10 mln+21,1%	€ 1,72 mln+55,9%
EBITDA	€ 86.864	€ 74.719	€ 126.103	€ 327.439	€ 191.658
EBITDA margin	14,2%	9,7%	13,9%	29,7%	11,2%
Staff
FTE	7,8	10,0+28,2%	10,00%	9,5-5%	18,1+90,5%
Gross margin per FTE	€ 78.352	€ 77.416	€ 90.897	€ 115.866	€ 94.798
Payroll cost per FTE	€ 65.636	€ 76.124	€ 74.719	€ 77.593	€ 83.857
Balance sheet
Equity	€ 476.303	€ 483.638	€ 522.162	€ 732.195	€ 798.904
Cash	€ 341.988	€ 600.152	€ 97.069	€ 463.865	€ 590.929
Liquidity ratio	1,25	1,18	1,18	1,26	1,21

Payroll cost per FTE comes from the social report where available, otherwise from the Remuneration line. Both are gross costs including employer contributions.

What this factsheet does not know

How good the work is. Figures do not measure creativity, strategy or chemistry.
How the client portfolio is spread. Concentration is not in the accounts.
Freelancers and subcontractors are not in the FTE figures. An agency with 40 staff may in practice run with 70 people.
The figures cover financial year 2025, filed on 30/08/2026. At a fast-moving agency reality today may differ.

Based on publicly filed annual accounts (NBB) and official records (CBE, Belgian Official Gazette). An indication, not financial advice. Sector medians calculated on 14 Sep 2026. Sector medians based on financial year 2024: the last year for which nearly all accounts have been filed.

What the agency actually does 5 services

Advertising & Campaigns

Campaign concepts & big ideas

Media

Digital & programmatic buying Media strategy & planning Search advertising (SEA)

Digital Experience & Tech

SEO & GEO

Sector focus

Adverteerders/merkendata-gedreven mediacampagnes

From our own research. The agency hasn't listed its sectors yet.

Based on IKAg research and public sources. Incomplete or outdated? Let us know.

1

Seniors or juniors?

Payroll cost per FTE is the best public proxy for a team's experience level. Higher is not automatically better, but it says something about who sits at the table.

Payroll cost per FTE

€ 83.857

+36% versus the median

Team composition

18,1 FTE

43% women
57% men

€ 83.857

Median Performance- & mediabureau (2024) € 61.814All agencies (2024) € 59.069

Read with care. Directors and partners invoicing through a management company are not in the payroll cost. At small agencies this skews the picture downwards considerably.

2

Will your team stay?

Inflow and outflow from the social report. This series only counts people on the payroll: freelancers who invoice do not appear in it. A low figure therefore means two very different things, a stable permanent team or a small core with heavy outsourcing. A high figure usually points to short contracts. Compare only within the same type of agency.

Exits 2025

5,5%

Median for this type of agency (2024): 35,3%

Inflow 2025

52,5%

9,5 FTE in, 1,0 FTE out

Net team change

+8,5 FTE

20212022202320242025

Source: annual accounts and social reports (NBB), collected by IKAg. Financial year 2025. Calculations by IKAg; an indication, not financial advice. Sector medians based on financial year 2024: the last year for which nearly all accounts have been filed.